Positive retail rental reversion of 12.2%1 achieved in 3Q FY2026.
Positive rental uplift of 1.5%2 for office Building 1 and 2 in Milan, effective from April 2026.
Year-to-date tenant sales up 17.6%3 YoY. On a like‑for‑like basis, excluding PLQ Mall, tenant sales also increased 2.5% YoY.
Portfolio occupancy improved to 95.3%4 from 94.9%4 in the preceding quarter.
Gearing stood at 38.7% as at 31 March 2026.
Post quarter-end, S$120 million perpetual securities were issued at 4.28% per annum.
Completed refinancing of the PLQ Mall loans, securing approximately S$2 million in annual all‑in debt cost savings, in line with acquisition underwriting5.
Electricity tariffs contracted at fixed rates till FY2028, de-risking against potential rate hikes.
Targeted enhancement works at PLQ Mall are underway and expected to be completed by end 2026, supporting higher rental rates in 2027.
SINGAPORE, May 18, 2026 (GLOBE NEWSWIRE) -- Lendlease Global Commercial Trust Management Pte. Ltd. (the "Manager"), the manager of Lendlease Global Commercial REIT ("Lendlease REIT"), announces its third-quarter business update for FY2026.
Completed the acquisition of 30% interest in PLQ Mall, achieving full ownership
Lendlease REIT completed the acquisition of 30% interest in PLQ Mall on 26 March 2026, achieving full ownership of the asset. Enhancement works are currently underway, with completion targeted by end‑2026. These initiatives are aimed at optimising space utilisation and enhancing the tenant mix, positioning PLQ Mall to better capture evolving consumer demand and meet retailers' operational requirements. Upon completion, the reconfigured spaces are expected to support higher rental rates and strengthen Lendlease REIT's income profile.
Following the acquisition, the Manager has also completed the refinancing of the PLQ Mall loans, securing approximately S$2 million in annual all‑in debt cost savings in line with acquisition underwriting5.
Capital Management
As at 31 March 2026, Lendlease REIT's gross borrowings were S$1,737.3 million, including PLQ Mall loans that are now consolidated following its full ownership. Post quarter-end, S$82.8 million of the proceeds from the preferential offering were utilised for loans repayment, reducing gearing from 38.7% as at 31 March 2026 to 37.5% on a proforma basis.
The weighted average cost of debt remained stable at approximately 2.9% per annum, while the interest coverage ratio ("ICR"), based on Lendlease REIT's last reported financial results as at 31 December 2025, stood at 1.8 times6.
On 14 April 2026, the Manager issued S$120 million of perpetual securities at 4.28% per annum to partially refinance an upcoming S$200 million perpetual securities due in June 2026. Management is monitoring market conditions and will evaluate refinancing strategies for the remaining S$80 million, either through existing debt capacity or further issuance of perpetual securities.
There are no debt refinancing risks in FY2026. The debt portfolio remained fully unsecured, with approximately S$611 million debt facilities available to support working capital and operational requirements.
Operational Performance
As of 31 March ...
